September 20, 2007
Borse Dubai Agrees to Buy Stake in Nasdaq
Nasdaq and Borse Dubai have agreed that Borse Dubai will buy a 20% stake in Nasdaq -- thus becoming its largest shareholder -- and Nasdaq's 30% stake in the London Stock Exchange. In return, Borse Dubai will complete its acquisition of Nordic stock operator OMX AB (Nasdaq was a rival bidder) and turn it over to Nasdaq.
All this may depend on whether Congress is comfortable with Dubai owning a big stake of a major U.S. exchange. Senator Charles Schumer, who helped lead the opposition to Dubai’s investment in the American ports, said that the deal would “raise serious questions that have to be answered.” NYTimes, Dubai to Buy Large Stake in Nasdaq; WSJ, Nasdaq, Borse Dubai Reach Takeover Deal for OMX.
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